Coffee exports to US rise in value
Coffee exports to US rise in value
In May and the first five months of 2022, Vietnamese coffee exports to the US decreased in volume but increased in value compared with the same time in 2021. The US is the fifth largest export market for Vietnamese coffee.
General Department of Vietnam Customs data show that in May 2022, Vietnam exported 9,340 tonnes of coffee worth US$22 million to the US, down 16.5 percent in volume but up 2.3 percent in value compared with May 2021. In the first five months, the export volume reached 50,580 tonnes, with the value reaching US$124.95 million, down 2.9 percent in volume but up 23.6 percent in value year-on-year.
Harvesting coffee |
The average price of Vietnamese coffee exports to the US in May 2022 was US$2,359 per tonne, down 5.9 percent compared with April but up 22.4 percent compared with May 2021. In the first five months, the average price was US$2,470 per tonne, up 27.2 percent year-on-year.
According to the Center for WTO and International Trade, in the first four months of 2022, the US imported 768,800 tonnes of coffee worth US$4.11 billion, up 10.8 percent in volume of 49.6 percent in value compared with the same period last year. The average import price was US$5,353 per tonne, up 35.1 percent. Notably, the average price of coffee imports from Vietnam increased 42.3 percent to US$3,451 per tonne.
While imports from Brazil decreased from 24.55 percent of the total US coffee imports in the first four months of 2021 to 21.94 percent in the first four months of 2022, Vietnamese coffee increased from 8.95 percent to 9.6 percent. In the 2020-2025 period, the US coffee market is forecast to grow an average 4.8 percent per year. Major factors boosting the market’s growth include the increasingly busy lifestyles and long working hours, which make coffee chains in the US more popular.
The US coffee market consists of the following segments: coffee beans, ground coffee, instant coffee, coffee capsules and coffee bags, distributed through points of sale at supermarkets, convenience stores, retailers and other distribution channels.
The US accepts only coffee products with origin traceability. Major standards required for coffee imports include Fairtrade USDA, Organic, Rainforest Alliance/UTZ Certified, Bird Friendly, Carbon Neutral, Organic, and Direct Trade.
According to the Foreign Trade Agency of the Ministry of Industry and Trade, the US is the fifth largest export market for Vietnamese coffee. Coffee is one of the most popular drinks in the US, ranking behind only carbonated beverages and bottled water in terms of sales volume in the non-alcoholic drink market.
| In the 2021-2022 crop, Vietnam’s coffee output increased by 2.1 million packs to 31.1 million packs, following serious droughts in the previous crop. |
